JCPenney - Longmont

Transaction Details

JCPenny - Longmont is a single-tenant retail building that is 100% occupied by JCPenny on a long-term lease. The one-story building, located in Longmont, Colorado contains 97,990 square feet and was built in 1996 (last renovated in 2006). The building is located in a larger development that is anchored by King Soopers.

The Proposition

The property owners acquired the subject in 2006 as part of its long-term investment strategy to acquire single-tenant, net-leased investments across the county. The property owners' objectives included refinancing its maturing debt and closing with 45 days to meet its prepayment window.

Our Solution

Essex Financial Group helped secure a $6,000,000 loan with one of its relationship credit unions. The 10-year loan has a competitive 10-year fixed rate with no prepayment penalty. Essex was able to help close the loan comfortably within the 45-day timeframe.